Income tax payers have high expectations from Budget 2025. Salary based and pensioners are expecting the government to increase the income tax slab. An announcement on this may be made in the upcoming budget.
Amid preparations for the upcoming Union Budget 2025 by Finance Minister Nirmala Sitharaman, many important reforms are expected for taxpayers. There may be many big announcements regarding income tax in the 2025 general budget, especially for salary based and senior citizens, including changes in the slabs of income tax returns. Let us know what is going to be available in this budget.
Changes in income tax slabs
To make the new tax regime more attractive, the Finance Minister may revise the income tax slab rates. Experts suggest that a tax rate of 30% be imposed on income above Rs 20 lakh, so that it is in line with inflation and the current economic situation. This step may be an attempt to encourage the new tax regime.
Special discount for senior citizens
The new tax regime applies equally to all taxpayers. Experts have recommended that separate tax slabs be created for senior citizens aged 60 years and above. This could include higher exemption limits or lower tax rates, which could improve their financial situation.
Demand to increase standard deduction
The standard deduction in the old regime of income tax is Rs 50,000 and in the new regime it is Rs 75,000. Experts have advised to increase it to Rs 1 lakh. This change will provide relief to salary based employees.
Change in import duty on gold
The government may increase the import duty on gold to control the trade deficit. Recently the import duty was reduced from 15% to 6%. However, this time an increase in duty is possible, which will help in reducing the trade deficit.
Section 80C deduction limit
It has been suggested to increase the deduction limit under section 80C from Rs 1.5 lakh to Rs 3.5 lakh. Apart from this, there has been a demand to separate housing loan interest deduction from this section and provide a higher limit.
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